Legal claims defining the scope of protection. Each claim is shown in both the original legal language and a plain English translation.
1. A computer-implemented method for segmenting consumers based at least in part upon telematics data into affinity groups, the method comprising: analyzing, via one or more processors, multiple insurance applications, accounts, and/or policies for at least one of preferences or characteristics of multiple individuals and/or consumers corresponding to the multiple insurance applications, accounts, and/or policies, wherein the at least one of the preferences or characteristics of the multiple individuals and/or consumers includes a risk score of a particular insured, the risk score stored in a consumer profile of the particular insured; detecting an event, or lack thereof, that impacts the risk score of the particular insured, wherein detecting the event comprises analyzing, via the one or more processors, telematics data collected by a mobile device of the particular insured and indicative of the particular insured's driving performance; updating, via the one or more processors, the risk score of the particular insured based on the analyzed telematics data; dividing or segmenting, via the one or more processors, the multiple individuals and/or consumers into multiple insurance policy groups or segments based upon (i) the at least one of preferences or characteristics of the multiple individuals and/or consumers, and (ii) the updated risk score for each particular insured; auctioning, via the one or more processors and by using an electronic or communications network, an opportunity to provide insurance for one or more of the multiple insurance policy groups or segments; receiving, via the one or more processors and the electronic or communications network, one or more bids for purchase and/or offers of insurance for the one or more of the multiple insurance policy groups or segments; and accepting, via the one or more processors, one of the bids for purchase and/or insurance offers for the one or more of the multiple insurance policy groups or segments.
2. The computer-implemented method of claim 1 , wherein the at least one of the preferences of the multiple individuals and/or consumers include preferences for at least one of insurance policy coverage, insurance policy deductibles, or insurance policy limits; and wherein the particular insurance policy group or segment is associated with automobile, life, health, renters, home, pet, or burial insurance.
3. The computer-implemented method of claim 1 , wherein the preferences of the multiple individuals and/or consumers include preferences for at least one of claims expectations, telematics use, or insurance company ratings.
4. The computer-implemented method of claim 1 , wherein the characteristics of the multiple individuals and/or consumers relate to or are indicative of at least one of consumer age, status, marital status, education, occupation, finances or income, driving history, accident history, vehicle type, home type, geographic location, risk, risk scores, or another individual characteristic.
5. The computer-implemented method of claim 1 , wherein the characteristics of the multiple individuals and/or consumers relate to or are indicative of individual driving behavior that is based upon computer analysis of the telematics data; and wherein telematics data associated with the particular driver or insured is gathered or collected from a mobile device or from a conventional telematics device that physically connects with a vehicle corresponding to the particular driver or insured.
6. The computer implemented method of claim 1 , further comprising: detecting another event, or lack thereof, that impacts the risk score of the particular insured comprises accessing a third party or government database via the electronic or communications network; and updating, via the one or more processors, the risk score of the particular insured based on data from the third party or government database.
7. The computer-implemented method of claim 1 , the method further comprising at least one of: updating the insurance policy group or segment to which the particular insured belongs based upon the updated risk score or the updated consumer profile of the particular insured; or offering for auction an opportunity to provide insurance for the updated insurance policy group or segment.
8. A system for segmenting consumers based at least in part upon telematics data into affinity groups, comprising: a persistent memory storing a consumer profile database; one or more communication interfaces configured to communicate with remote devices via one or more electronic or communications networks; one or more processors; and one or more non-transitory, computer-readable media storing instructions that, when executed by the one or more processors, cause the system to: analyze consumer profiles that are included in the consumer profile database and that correspond to multiple insurance consumers for at least one of preferences or characteristics of the multiple insurance consumers, wherein the at least one of the preferences or characteristics of the multiple individuals and/or consumers includes a risk score of a particular insured, the risk score in a consumer profile of the particular insured; detect an event, or lack thereof, that impacts the risk score of the particular insured, wherein detecting the event comprises analyzing, via the one or more processors, telematics data collected by a mobile device of the particular insured and indicative of the particular insured's driving performance; update, via the one or more processors, the risk score of the particular insured based on the analyzed telematics data; divide or segment the multiple insurance consumers into multiple insurance policy groups or groupings based upon (i) the at least one of the preferences or characteristics of the multiple insurance consumers, and (ii) the updated risk score for each particular insured; auction, via the one or more electronic or communications network and by using the one or more communication interfaces, an opportunity to provide insurance for one or more of the multiple insurance policy groups or groupings; receive, at the one or more communication interfaces, one or more bids for purchase and/or offers for insurance for the one or more of the multiple insurance policy groups or groupings; and accept one of the bids for purchase and/or offers for insurance for the one or more of the multiple insurance policy groups or groupings.
9. The system of claim 8 , wherein: the preferences of the multiple insurance consumers include individual preferences for at least one of insurance policy coverage, insurance policy deductibles, insurance policy limits, claims expectations, telematics use, or insurance company ratings.
10. The system of claim 8 , wherein the particular insurance policy group or grouping is associated with automobile, life, health, renters, home, pet, or burial insurance.
The system provides a method for categorizing and managing insurance policies by grouping them into specific categories based on policy type. The system includes a database that stores insurance policy data, where each policy is associated with a particular group or grouping. These groups are defined by the type of insurance coverage, such as automobile, life, health, renters, home, pet, or burial insurance. The system further includes a processing unit that analyzes the policy data to determine the appropriate group for each policy. Once grouped, the system allows users to access, manage, and analyze policies within each category, improving organizational efficiency and enabling targeted policy management. The system may also include user interfaces for inputting, viewing, and modifying policy data, as well as reporting tools to generate insights based on the grouped policies. This approach simplifies policy administration by organizing policies into distinct categories, making it easier for insurers and policyholders to navigate and manage their coverage.
11. The system of claim 8 , wherein the characteristics of the multiple insurance consumers relate to or are indicative of each consumer's age; account status; marital status; education; occupation; finances or income; driving history; accident history; vehicle type; home type; geographical location; risk score; and/or individual driving behavior that is based upon computer analysis of the telematics data, wherein the telematics data is associated with the particular driver or insured and is gathered or collected from a mobile device or from a conventional telematics device that connects into a vehicle.
12. The system of claim 8 , wherein the one or more non-transitory, computer-readable media stores further instructions that, when executed by the one or more processors, cause the system to: detect another event, or lack thereof, that impacts the risk score of the particular insured and further, to access a third party or government database via the electronic or communications network; and update the risk score of the particular insured based on data from the third party or government database.
The system relates to insurance risk assessment and management, specifically for dynamically updating risk scores of insured individuals based on external data sources. The problem addressed is the need for insurers to accurately and continuously assess risk factors that may change over time, such as driving behavior, health conditions, or other relevant events, to adjust insurance policies accordingly. The system includes a computing device with processors and non-transitory, computer-readable media storing instructions. The system monitors events or lack of events that influence the risk score of an insured individual. When such an event is detected, the system accesses third-party or government databases via electronic or communication networks to retrieve relevant data. The risk score is then updated based on this external data, ensuring the insured's risk profile remains current. This dynamic updating allows insurers to make more informed decisions about policy adjustments, premiums, or coverage terms. The system may also include features for generating risk scores, storing historical data, and providing user interfaces for policyholders or insurers to view and manage risk-related information. The integration of external databases ensures that risk assessments are based on the most up-to-date and comprehensive data available, improving accuracy and fairness in insurance pricing and coverage.
13. The system of claim 8 , wherein the one or more non-transitory, computer-readable media stores further instructions that, when executed by the one or more processors, cause the system to at least one of: update the insurance policy group or grouping to which the particular insured belongs based upon the updated consumer profile or the updated risk score of the particular insured; or offer for auction an opportunity to provide insurance for the insurance policy group or grouping that includes the particular insured with the updated consumer profile or the updated risk score.
14. A system for segmenting consumers based at least in part upon telematics data into affinity groups, comprising: a persistent memory storing a consumer profile database; one or more communication interfaces configured to communicate with remote devices via one or more electronic or communications networks; one or more processors; and one or more non-transitory, computer-readable media storing instructions that, when executed by the one or more processors, cause the system to: analyze consumer profiles that are included in the consumer profile database and that correspond to multiple insurance consumers for at least one of preferences or characteristics of the multiple insurance consumers, wherein the at least one of preferences or characteristics of the multiple individuals and/or consumers includes a risk score of a particular insured, the risk score stored in a consumer profile of the particular insured; detect an event, or lack thereof, that impacts the risk score of the particular insured, wherein detecting the event comprises analyzing, via the one or more processors, telematics data collected by a mobile device of the particular insured; update the risk score of the particular insured based on the analyzed telematics data; divide or segment the multiple insurance consumers into multiple insurance policy groups or groupings based upon the at least one of the preferences or characteristics of the multiple insurance consumers; and auction, via the one or more electronic or communications network and by using the one or more communication interfaces, an opportunity to provide insurance for one or more of the multiple insurance policy groups or groupings, wherein the preferences of the multiple insurance consumers include individual preferences for at least one of insurance policy coverage, insurance policy deductibles, insurance policy limits, claims expectations, telematics use, or insurance company ratings.
15. The system of claim 14 , wherein the system if further configured to update existing insurance policies or provide new insurance policies for insureds associated with a particular insurance policy group or grouping corresponding to the accepted bid, and the particular insurance policy group or grouping is associated with automobile, life, health, renters, home, pet, or burial insurance.
16. The system of claim 14 , wherein the characteristics of the multiple insurance consumers relate to or are indicative of each consumer's age; account status; marital status; education; occupation; finances or income; driving history; accident history; vehicle type; home type, geographical location; and/or risk score.
17. The system of claim 14 , wherein the characteristics of the multiple insurance consumers relate to or are indicative of each consumer's individual driving behavior that is based upon computer analysis of telematics data, wherein the telematics data is associated with a particular driver or insured and is gathered or collected from a mobile device or from a conventional telematics device that connects into a vehicle.
18. The system of claim 14 , wherein the one or more non-transitory, computer-readable media stores further instructions that, when executed by the one or more processors, cause the system to (i) detect another event, or lack thereof, that impacts the risk score of the particular insured by accessing a third party or government database via the one or more electronic or communication networks, and (ii) update the risk score of the particular insured based on the data from the third party or government database.
19. The system of claim 14 , wherein the one or more non-transitory, computer-readable media stores further instructions that, when executed by the one or more processors, cause the system to at least one of: update the insurance policy group or grouping to which the particular insured belongs based upon the updated consumer profile or the updated risk score of the particular insured; or offer for auction an opportunity to provide insurance for the insurance policy group or grouping that includes the particular insured with the updated consumer profile or the updated risk score.
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March 16, 2021
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